Poloniex Review

Jared 6:41 am

Poloniex Review

6.8
OUT OF TEN
Start Trading on Poloniex

Headquarters: Wilmington, DE, USA

Description: Trade on the world’s most active digital asset exchange.

Website: https://poloniex.com

24-hour trade volume: $614 M

Availability: US, Canada, Japan, Europe

 

 

 

 

Looking for the best bitcoin exchange in 2018? Check out our Best Bitcoin Exchange Guide to compare all of the top cryptocurrency exchanges side-by-side.

User Experience

Design

Yes…mostly –Poloniex boasts a simple, easy to understand navigation which makes getting started a breeze. Their exchange interface offers real-time updates of every trading pair and offers flexible dashboards for tracking prices over time. Placing orders is very intuitive and made sense right away. My least favorite part of their design is tracking my position over time. The deposits and withdrawals section that shows your gains and losses could be much more visual. It took some digging around in the platform to actually see if I was up or down on my original position.

Beginner-Friendly

Yes – Getting started is easy but tracking positions could be improved upon.

Documentation

Yes – Documentation exists but it should be improved upon. I searched for several articles regarding their security features and found very little.

Customer Support

I submitted a customer support request 72 hours ago and haven’t received a response yet. This is consistent with many of the complaints I’ve heard of Poloniex.

Security

Verification Tiers

Poloniex verification requires your name, address, social, ID photo, and a verification photo of you holding a signed and dated paper. The entire verification process only took an hour or so and is mostly automated by Poloniex. After I was verified, margin trading was enabled and I automatically had a $25k withdrawal limit

2-Factor Authentication

Yes – via Google Authenticator

Insurance

No – The website and support documentation makes no reference to any type of insurance. However, I read a few anecdotal cases of Poloniex restoring hacked Bitcoin.

Storage

Yes – According to the website, the majority of customer deposits are stored offline in air-gapped cold storage.

Encryption

I couldn’t find any mention of encryption in the support documentation or on the website

Payment & Fees

Fee Structure

Fees are charged based on your trade volume over the last 30 days. Learn more

Accepted Payment Methods

Cryptocurrencies Only. Poloniex is a crypto to crypto only exchange meaning you can only deposit and withdraw cryptocurrency.

Supported Cryptocurrencies / Trading Pairs

ETH/BTC
BTC/USDT
LTC/BTC
ETH/USDT
XMR/BTC
XRP/BTC
BCH/BTC
DGB/BTC
LTC/USDT
BCH/USDT
ETC/BTC
BTS/BTC
LSK/BTC
DASH/BTC
ETC/USDT
XRP/USDT
ZRX/BTC
SC/BTC
ZEC/BTC
XMR/USDT
NAV/BTC
XEM/BTC
STRAT/BTC
BURST/BTC
ZEC/USDT
GNT/BTC
SYS/BTC
BTCD/BTC
STR/BTC
FCT/BTC
MAID/BTC
DOGE/BTC

DASH/USDT
ZRX/ETH
PINK/BTC
BCN/BTC
NXT/BTC
NXT/USDT
GAME/BTC
POT/BTC
REP/BTC
BCH/ETH
VIA/BTC
ETC/ETH
STEEM/BTC
DCR/BTC
STR/USDT
LBC/BTC
ARDR/BTC
RADS/BTC
XBC/BTC
REP/USDT
GNT/ETH
ZEC/ETH
CLAM/BTC
AMP/BTC
GNO/BTC
VTC/BTC
EXP/BTC
FLO/BTC
LSK/ETH
FLDC/BTC
SJCX/BTC
REP/ETH

BTM/BTC
BLK/BTC
NEOS/BTC
XCP/BTC
VRC/BTC
NOTE/BTC
BELA/BTC
EMC2/BTC
NMC/BTC
PPC/BTC
NAUT/BTC
PASC/BTC
OMNI/BTCC
NXT/XMR
GRC/BTC
NXC/BTC
RIC/BTC
BCY/BTC
XPM/BTC
LTC/XMR
STEEM/ETH
SBD/BTC
XVC/BTC
HUC/BTC
BTCD/XMR
GNO/ETH
DASH/XMR
ZEC/XMR
BCN/XMR
MAID/XMR
BLK/XMR

Technology

Reliability

I haven’t had any issues with reliability on their desktop website.

Mobile App

No — But they do have a fully-mobile version of the website.

Poloniex Review 2018
Pass on Poloniex
Initially, I was excited to use Poloniex because of the great variety of trading pairs. Getting verified and buying some altcoins was a straightforward process and I preferred the user interface over several other exchanges. However, after submitting a customer support request and never hearing back, I started to understand why users question the legitimacy of the exchange on social media.
User Experience7.6
Security6.1
Payment & Fees7.7
Reliability5.3
Beginner Friendly7.3
Reader Rating3 Votes9.4
Pros
90+ Supported Trading Pairs
Intuitive User Interface
Lending + Margin Trading
Cons
Terrible Customer Support
Crypto-Crypto Only
6.8
OUT OF TEN
Start Trading on Poloniex
No more articles